TRENTON – Today Senator Troy Singleton introduced legislation which would provide tax credits against corporate business and gross income taxes for employers that provide job training or work education programs for their employees.
“With modern technology and innovation, our economy is constantly changing, requiring our workforce to evolve right along with it,” said Senator Singleton (D-Burlington). “This initiative utilizes our tax code to create an economy in which each worker has the opportunity to work hard and make an honest living. There are many positions that have gone unfilled because we do not have the trained workforce to fill those jobs. By providing businesses tax incentives to train workers for these careers, we are ensuring that both employers and workers get what they need to succeed.”
According to the bill, the amount of the tax credit is 10% of the amount paid by the taxpayer for worker investment in a taxable year, up to $2,000 per employee. Qualified businesses would include those who have less than $2.5 million in gross receipts annually, that has been operating in the state for fewer than 10 years, and that employs individuals in the state.
The training provided to an employee ought to aim to improve the employee’s job skills or knowledge. This training should also result in the award of an industry-recognized credential to the employee upon their successful completion.
“Our nation’s workforce can no longer simply rely on their existing skill set to succeed in the workplace. All workers must be lifelong learners, who are constantly looking to develop new skills over the course of their careers as the nature of work evolves,” continued Senator Singleton.